The United States’ financial market and that of the world are running out of steam.
I am not of the view that a crash is imminent. But it does seem to me that a significant recession is going to happen. It is going to be painful.
The burden of taxation is increasing, governmental borrowing is up, and total public spending is at record levels.
The world of private investment is sliding into an economic abyss.
The problem is not caused by multinational corporations or taxpayers with foreign accounts.
The economic troubles of the United States are not caused by free people operating in a free-market.
Quite to the contrary, our personal freedoms have been stripped away by the government and the courts. The financial markets are obstructed by government control and regulation.
Even worse, virtually every aspect of the US economic policy is dictated to Congress by international organizations.
The fact is that government intrusion is the problem. It comes with a heavy cost which somebody has to pay.
Who is picking up the freight on this?
It certainly is not the government and its vast bureaucracy. It’s not the millions of voters who live on welfare given to them by the political establishment to keep them docile and apathetic.
The middle-class is struggling just to make their paychecks last to make ends meet.
The only people who have money are investors. It’s their capital which made free-market capitalism the driving engine of the US economy.
It’s that money which is diverted from productive usage to be misallocated instead to fund the policies imposed on the United States by nonproductive international organizations and the losses that are the consequence.
The result is that with less capital invested in productivity and more capital being wasted by government the economy becomes increasingly unstable and unrepairable.
The United States is reaching an economic breaking point and losing the ability to control of its own destiny.
Our Congress and other governing bodies like the European Union are doing what elected politicians always do. They find it easier to spend more money and pass the buck when it comes to responsibility. That way they get re-elected.
Many of them are true believers that the world could become Utopia if only a global government took over.
To do this, each nation must give up sovereignty for the greater good.
One commentator, Christopher Booker, observed, “What everyone is missing…is the astonishing scale on which the making of our laws has been passed up to a global level, to scores of mysterious organizations which then hand down their rulings to be implemented by lesser regional bodies like the EU.” And I include in this same scenario the United States.
Think of just the international organizations that have become household names which are directing policies of the United States. The United Nations, the OECD, the IMF, the World Bank, the G8, the G20, and the WTO are among the most prominent.
There are hundreds of other governmental, quasi-governmental, and non-governmental organizations that regulate the financial markets along with the central banks like the Federal Reserve.
It has become so routine and commonplace for our own government to submit the national interest to global authority that it has become absurdly rare that anyone questions the legitimacy or power to compel obedience.
Or refuse to pay the cost.
Somebody has to pay. Somebody has to forgo their own financial well-being for the greater good. Building a road to Utopia doesn’t come cheap.
Since investors are the only ones with money, it’s the investors that are being sacrificed to advance the attainment of this fantasy of a new world order.